Yatra Online Inc. Announces the Successful Completion of the IPO of its Indian Subsidiary of INR 7750 Million (~US$93 Million)
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Mumbai, India and New York, New York--(Newsfile Corp. - September 20, 2023) - Yatra Online, Inc. (NASDAQ: YTRA) (the Company) announced that its Indian Subsidiary, Yatra Online Limited, India's largest corporate travel services provider, has successfully closed its Indian Initial Public Offering will full subscription of INR 7750 Million (~US
The successful IPO will be beneficial on multiple fronts as it:
- Significantly strengthens Yatra's balance sheet not only at the India operating level but also adds ~US
$ 21M in cash to Yatra Online Inc., which can potentially be used for share buybacks.
- Provide a liquid stock that can be used for local M&A in India.
- Expands the shareholder base of the consolidated company by adding retail and institutional investors in India already familiar with Yatra's business and brand.
- Increases its visibility through a larger pool of equity analysts.
SBI Capital Markets Limited, DAM Capital Advisors Limited and IIFL Securities Limited are the book running lead managers and Link Intime India Private Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed and commence trading on BSE and NSE on September 27th 2023.
About Yatra Online, Inc.
Yatra Online, Inc. is the ultimate parent company of Yatra Online Limited (Formerly known as Yatra Online Private Limited) whose corporate office is based in Gurugram, India and is India's leading corporate travel services provider with approximately 813 large corporate customers and one of India's leading online travel companies and operates the website https://www.yatra.com/. The company provides information, pricing, availability and booking facility for domestic and international air travel, domestic and international hotel bookings, holiday packages, buses, trains, in city activities, inter-city and point-to-point cabs, homestays and cruises. With approximately 105,600 hotels and homestays contracted in approximately 1,490 cities across India, as well as approximately 2 million hotels around the world, the company is India's largest platform for domestic hotels. The company has also broadened its services in to the logistics vertical through a freight forwarding business called Yatra Freight to further expand its corporate service offerings.
Safe Harbor Statement
This press release contains certain forward-looking statements, as defined in the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the Company's current expectations, assumptions, estimates and projections about the Company and its industry. These forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate," "believe," "estimate," "expect," "intend," "will," "project," "seek," "should" and similar expressions. Such statements include, among other things, management's beliefs, our strategic and operational plans, and our response to the letter to shareholders from Maguire Asset Management, LLC. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, the impact of the COVID-19 pandemic; our ability to generate positive cash flow and the sufficiency of our operating cash flow to meet our liquidity needs; our future financial performance, including our revenue, cost of revenue, operating expenses and our ability to achieve and maintain profitability; the impact of increasing competition in the Indian travel industry and our expectations regarding the development of our industry and the competitive environment in which we operate; the slowdown in Indian economic growth and other declines or disruptions in the Indian economy in general and travel industry in particular, including disruptions caused by safety concerns, terrorist attacks, regional conflicts, pandemics and natural calamities, our ability to successfully negotiate our contracts with airline suppliers and global distribution system service providers and mitigate any negative impacts on our revenue that result from reduced commissions, incentive payments and fees we receive; the risk that airline suppliers (including our GDS service providers) may reduce or eliminate the commission and other fees they pay to us for the sale of air tickets; our ability to pursue strategic partnerships and the risks associated with our business partners; the potential impact of recent developments in the Indian travel industry on our profitability and financial condition; political and economic stability in and around India and other key travel destinations; our ability to maintain and increase our brand awareness; our ability to realize the anticipated benefits of any past or future acquisitions; our ability to successfully implement our growth strategy; our ability to attract, train and retain executives and other qualified employees, including suitable replacements for any members of our senior management team or other employees who may seek other employment opportunities as a result of the certain cost reduction initiatives that we have taken in response to the COVID-19 pandemic; actions of activist shareholders; and our ability to successfully implement any new business initiatives. These and other factors are discussed in our reports filed with the U.S. Securities and Exchange Commission. All information provided in this press release is provided as of the date of issuance of this press release, and we do not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact:
Manish Hemrajani
Yatra Online, Inc.
VP, Head of Corporate Development and Investor Relations
ir@yatra.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/181253
